Razorpay Software Private Limited(RSPL), a Bengaluru (Karnataka)-based Payments software company ranked 70th(last year Razorpay ranked 49th) on the Forbes Cloud 100 2024 List, the 9th annual ranking of the world’s top private cloud computing companies. This marks Razorpay’s 3rd consecutive appearance on the list, acknowledging its innovation and leadership in cloud technology.
- Razorpay is the only Indian company featured on the list, with nearly 3,300 employees, and has raised close to USD 742 million in funding.
- San Francisco, California, the United States of America (USA)-based OpenAI and Databricks, Inc. ranked 1st and 2nd respectively followed by the dual-headquartered Financial Infrastructure company, Stripe, Inc. in San Francisco, California(USA), and Dublin(Ireland) at 3rd place in the list.
Forbes Cloud 100 2024 List is published by the Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
Recognition of Razorpay:
i.Razorpay is recognised for its innovation and leadership in cloud technology, particularly in payment and banking solutions for businesses, focusing on Artificial Intelligence (AI) and growth strategy.
ii.Razorpay predicts that the Digital Peer to Merchant (P2M) Payments market in India will grow to USD 4 Trillion by 2030.
iii.The company plans to continue investing in building an intelligent real-time financial infrastructure supported by AI technologies.
Cloud 100 List Evaluation:
i.Since 2016, the Forbes Cloud 100 list recognised and celebrated the world’s top 100 private cloud companies.
ii.It is a quantitative and qualitative list, curated by a panel of 25 judges, and the list of companies is compiled using 4 factors based on the following:
- Estimated valuation (30%)
- Operating metrics (20%)
- People and culture (15%)
- Market leadership (35%)
iii.The 2024 list emphasises companies that have effectively utilised AI and are positioned for potential Initial Public Offerings (IPOs), aiming to capitalise on their growth and market leadership.
Top 5 Companies in the Forbes Cloud 100 List 2024:
| Rank | Company | Headquarters | Funding (in USD) |
|---|---|---|---|
| 1 | OpenAI | San Francisco, California, the United States of America (USA) | 11.3 billion |
| 2 | Databricks, Inc. | San Francisco, California, the USA | 4 billion |
| 3 | Stripe, Inc. | Dublin, Ireland; San Francisco, California, the USA | 2.2 billion |
| 4 | Canva Pty Ltd | Sydney, Australia | 560 million |
| 5 | Anthropic | San Francisco, California, the USA | 8.9 billion |
| 70 | Razorpay Software Private Limited(RSPL) | Bengaluru, Karnataka | 742 million |
Key Highlights:
i.In the 2024 list, the vast majority (86) of companies are still led by a cofounder as the chief Executive Officer (CEO).
- Only 6 companies on the list are led by a woman CEO.
ii.A record 17 AI-focused companies made the 2024 list, doubling the total from 2023.
iii.Nearly half of the listed companies are headquartered in the Bay Area, including 3 dual-headquartered businesses, followed by New York (USA) and smaller clusters in Atlanta (USA), London (the United Kingdom (UK)), Paris (France), San Diego (USA) and Tel Aviv (Israel).
Recent Related News:
The 9th edition of the Forbes 30 Under 30 Asia List 2024 featured 86 entries from India which includes Akshit Bansal (29), and Raghav Arora (28), Co-founders of Statiq-India and Bhagya Shree Jain (29), Founder of the Disposal Company.
About Razorpay Software Private Limited(RSPL):
Chief Executive Officer(CEO) – Harshil Mathur
Headquarters – Bengaluru, Karnataka
Founded – 2014
About Forbes Media LLC:
Chief Executive Officer (CEO)- Mike Federle
Headquarters– Jersey City, New Jersey, the United States of America (USA)
Founded – 1917
